Bitcoin and Ethereum are stable for now

Bitcoin chart analysis

The price of Bitcoin has been stable above $ 50,000 for the last few days. Based on the situation on the chart, we can see that the sideways movement is in the range of $ 50,000-52,000. Of the moving averages, the MA20 and MA50 support us and can be an obstacle for potentially bearish pressure.

Bullish scenario:

• We need to continue the positive consolidation and with moving averages to continue on the bullish side.
• We need a break above $ 52,000, and after that, we expect the next resistance zone to be around $ 54,000.
• In the zone around $ 56,000, we find the MA200 moving average, while above the area of the previous high at $ 59,000.

Bearish scenario:

• We need negative consolidation and a price drop below the MA20 moving average and the $ 50,000 zone.
• Break below the descent to $ 48,000, where the MA50 moving average awaits us.
• Further bearish pressure could lower the price to a larger support zone of around $ 46,000.
• Our December low is at $ 43,500, and if it doesn’t last, we move on to the next lower support at $ 40,000.

Ethereum chart analysis

The price of Ethereum has been moving in a sideways consolidation since December 15. The minimum then was 3650, and the maximum of this consolidation at $ 4150. So far, the price has not formed a new lower low, but it is a new higher high at $ 4,150. Now we need a break above the MA200 moving average to move on.

Bullish scenario:

• We need to continue this positive consolidation and a break above the MA200 moving average.
• Then we encounter the first resistance in the zone around $ 4250, while the next larger resistance zone awaits us at $ 4500 on the psychological level.
• If we overcome it, then we will climb to the place of the beginning of December at the $ 4784 level.

Bearish scenario:

• Negative consolidation and raised prices below the MA20 and MA50 moving averages are needed.
• After that, we test the $ 4,000 level again. If it doesn’t last, go further to the previous low of $ 3,900.
• Bigger support, we can find in the lower trend line.
• The next series of supports is around $ 3,700, then the December minimum at $ 3,470.

Market overview

Binance has registered his home entity in Canada to deal with virtual currencies. According to a tweet shared earlier today by CEO Changpeng Zhao, he also received approval from the authorities.

According to the company’s December 24 submissions, Binance Canada Capital Markets will be the Money Service Business (MSB) and enable digital asset, money, and foreign exchange transfers.

It is worth mentioning here that Binance’s domestic entity in Canada was founded on December 1 and has a current license until the end of 2024. Binance is the world’s largest crypto exchange in terms of trading volume.

However, he recently faced failure in Turkey after authorities allegedly fined the stock market nearly $ 750,000 for violations.

Interestingly, the local entity Binance has previously been the target of criticism for non-compliance with digital currency laws relating to customer information and anti-money laundering (AML) regulations. Binance faces legal problems in many countries around the world. She withdrew her services from Singapore, for example, after failing to comply with nation-state money laundering rules.